Monero

What is Monero?

Monero is a digital currency like Bitcoin. But unlike Bitcoin, it’s untraceable and private. Monero uses ring signatures and ring confidential transactions. Every sending and receiving addresses are obfuscated. They are not visible to anyone. Thus transactions can never be linked to any particular user or identity.

Mining algorithm

Monero uses CryptoNight as a POW mining algorithm. CryptoNight can only be mined using a CPU or GPU. You can use a CPU but that might be less profitable.

The total supply of Monero is 18.4 millions XMR. But when this amount is reached, there will be a constant “tail emission” of 0.6 XMR each block. This to prevent the lack of incentives for miners. Because if the 18.4 million XMR are mined, there is nothing left to mine.

What can you do with Monero?

Monero is used as a private, secure and untraceable digital currency. Meaning that you can use Monero to buy things like services or goods and nobody in the world will know that you bought it.

You can also use Monero as an investment vehicle for future use. Or use it for day trading on exchanges.